Schlumberger Beats Targets Handily

Earnings are strong, and CEO Andrew Gould sees more of the same ahead.
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Schlumberger

(SLB) - Get Report

cashed in Friday on the red hot oil market, posting second-quarter numbers that blew away Wall Street's expectations.

For its second quarter ended June 30, the New York oil services company earned $473 million, or 78 cents a share, from continuing operations. That's up from the year-ago $257 million, or 43 cents a share, and 11 cents ahead of the Thomson First Call analyst consensus estimate. Revenue soared to $3.43 billion from $2.83 billion a year earlier, as oilfield services revenue rose 10% sequentially and 20% from a year ago.

"Second-quarter results showed sharp improvements across all geographical areas and technologies, both year-on-year and sequentially, as customer spending plans accelerated worldwide," CEO Andrew Gould said. "While the supply response has begun, it has not yet reached a level, or been underway long enough, to make a meaningful improvement in production capacity. The coming quarters will see further increases in activity."

Early Friday, Schlumberger was flat at $77.96.